Simplifying super documents
A significant step in making Product Disclosure Statements (PDSs) more understandable for superannuation members and friendlier to the environment was taken late last year when the Australian Securities and Investments Commission (ASIC) released a consultation paper on reducing the amount of content in PDS’s that super funds provide their members.
It’s proposed that the complex and extremely detailed PDSs currently produced by financial services providers be replaced by alternative simplified and shorter documents, with more detailed information being readily available online and/or upon request from call centres.
Additionally, this information would be delivered in an electronic format, rather than hard copy, unless otherwise requested.
The move towards more electronic disclosure will result in substantial savings to our environment and natural resources by reducing the volume of paper and printing used.
|
